Alex Rodriguez took a major step in his bid to purchase the Minnesota Timberwolves on Thursday afternoon. According to multiple reports, the former MLB star and tech entrepreneur Marc Lore have reached an agreement to purchase the NBA franchise from current owner Glen Taylor.
Rodriguez and Lore are expected to sign the formal paperwork necessary in the coming days and will be 50-50 partners in the purchase, according to NBA insider Shams Charania. The duo won’t take over immediately, with Taylor expected to ride out his ownership stint until 2023.
According to reports, the purchase is expected to be around $1.5 billion. Along with the Timberwolves, the new ownership group will take over the WNBA’s Minnesota Lynx, per Front Office Sports.
A potential deal has been in the works for quite some time, but now appears to reaching the final stage. Rodriguez, 45, has long expressed his interest in reaching the ownership ranks and it looks like he’ll get his chance in Minneapolis.
Rodriguez and Lore are expected to sign formal paperwork shortly, and sources say A-Rod and Lore are equal, 50-50 partners in the purchase. https://t.co/9u5GqadCLH
— Shams Charania (@ShamsCharania) May 13, 2021
Rodriguez’s role with the organization moving forward will certainly be interesting to watch. The former MLB star has his hands in numerous business ventures around the country, so may need to make some arrangements to free up time for his NBA team.
The Timberwolves have struggled for the last 15 years, making the playoffs just once since the 2003-04 season. In the NBA’s current regular season, Minnesota is 22-47 and 13th in the Western Conference.
Time will tell if Rodriguez and Lore can help turn the Timberwolves around after taking over.